The best way is to be proactive and back up the CMS channel and keep a separate backup of the workspace. There might be issues with CMS settings and whenever you find one you can replace the old CMS channel or if that does not work replace the workspace.

Re-installing the console will take ages, Although, the collections would not be lost, as they are stored in AD as well as the Query Library. you have to re-initialize the Database and AD connections and so on so forth.

There are dependencies associated with the CMS channel (infact an other channel in the BBCA world). So resolving the issue at the CMS end wont solve the issue. You have to check it within the tuner kernel (Infrastructure Service), the Console channels., i.e., Report Center, Policy Manager, Infrastructure Administration and so on, so forth.

So re-installing the console or replacing the CMS channel may not resolve this issue.